GPCR had a great day! Up 35% at the close- a lot higher intraday.
Here was the news:
Why Is Obesity Focused Structure Therapeutics Stock Trading Higher Today?
BENZINGA 8:55 AM ET Sep-29-2023
Structure Therapeutics Inc (NASDAQ:GPCR) released results from the Phase 1b multiple ascending dose (MAD) study of GSBR-1290 in healthy, overweight, or obese individuals.
GSBR-1290 is an oral GLP-1 receptor agonist, similar to Novo Nordisk A/S's (NYSE:NVO) popular drug, Wegovy (semaglutide).
In the 28-day study, GSBR-1290 demonstrated significant weight loss supporting once-daily (QD) dosing.
GSBR-1290 demonstrated reductions in mean body weight ranging up to 4.9 kg compared to baseline and up to 4.9% placebo-adjusted.
The company is expected to report topline data from the type 2 diabetes cohort of the Phase 2a study in the latter half of Q4 of 2023.
Structure continues to plan to initiate two Phase 2b studies of GSBR-1290 in 2024. The type 2 diabetes study is expected to include approximately 500 individuals.
The company is also planning a separate formulation bridging PK study to support the planned transition from capsules to tablets, which is expected to be initiated in Q4 of 2023 and completed in Q2 of 2024. Pending supportive data from this bridging study, the tablet formulation would be used in future GSBR-1290 studies starting with the planned Phase 2b studies.
Concurrently, Structure Therapeutics announced a private placement of 21.6 million shares and 2.4 million newly designated non-voting shares at $12.49 per share, with gross proceeds of $300 million.
Net proceeds, along with existing cash, cash equivalents, and short-term investments, are expected to extend the cash runway through the end of 2026.
Price Action: GPCR shares are 68.1% at $62.98 during the premarket session on the last check Friday.
